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USD falters ahead of US CPI, ASX set to track Wall Street higher?
If there’s a case to be made that traders simply see what they want, it is visible in the US dollar’s reaction compared to headlines. Jerome Powell said that whilst he expects inflation to move lower, it likely won’t be as quickly as he expected. And US producer prices were hotter than expected on the eve of a Key CPI report, Yet traders took more notice of that fact that prior figures were revised lower. Perhaps I’m wrong to do so, but I would place greater emphasis on incoming data over downward revisions of past data. Yet with bond yields and the US dollar lower, who am I to argue. The US dollar closed ... (full story)